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HOUSTON — McDermott International, Inc., announced today a contract award from Hess Corporation for subsea tie-back work for its deepwater Penn State Deep (PSD) field in the Gulf of Mexico. “This marks our first project with Hess Corporation in recent history and we look forward to providing industry-best operational excellence, quality and safety,” said Scott Munro, McDermott’s V.P. for Americas, ...

TEHRAN, March 05 (Shana) – Iranian President Hassan Rouhani said Tehran is ready to swap oil and petroleum products with Azerbaijan, expressing hope for further cooperation between the two neighboring countries. The Islamic Republic of Iran and the Republic of Azerbaijan signed two memoranda of understanding (MoUs) for expansion of bilateral cooperation on Sunday in Tehran in the presence of ...

TEHRAN, March 05 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says Tehran is interested in joining the South African crude oil market. Speaking following a meeting with visiting South African Energy Minister Tina Joemat-Pettersson in his Tehran office on Saturday, the official said Iran is ready to send crude oil cargoes to South Africa. He said selling crude oil ...

TEHRAN, March 04 (Shana) – Abbas Araghchi, senior Iranian diplomat who was directly involved in Iran’s nuclear talks with the P5+1 group of countries, lauded the Iranian Ministry of Petroleum for its achievements since implementation of the deal Iran struck with the group. Addressing conference on Joint Comprehensive Plan of Action (JCPOA), the title of the deal, and the Economy ...

TEHRAN, March 01 (Shana) — The National Iranian Oil Company (NIOC) announced on Wednesday that it has received the result of studies by a number of international oil companies on its oilfields and blocks and is currently weighing them. Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri told Shana that NIOC has ...

DALLAS, Texas — Kosmos Energy announced today that it has received government approval and completed its previously announced transaction with BP in Senegal. Under the terms of the deal, BP acquired a 49.99% interest in Kosmos BP Senegal Limited, the company’s controlled affiliate company which holds a 65% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore ...

SINGAPORE (Bloomberg) — Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set for a 1.4% advance this week. U.S. government data showed crude inventories rose less than expected last week as imports dropped the most since November. The slowdown ...

MOSCOW — LUKOIL and INPEX have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in southern Iraq. The well recorded daily flowrate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within the Block 10 contract area. Geological exploration at the block ...

LONDON (Bloomberg) — Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. The kingdom may have to settle for less. A lot less. Industry executives, analysts and investors told Bloomberg their analysis — based on oil reserves and cash flow ...

TEHRAN, Feb. 21 (Shana) – The petroleum ministers of Iran and Iraq have signed a memorandum of understanding (MoU) for cooperation in various oil and gas-related grounds. The document concerns development of joint oil and gas fields by the two OPEC-member Asian countries, exchange of technical and engineering services, export of goods and cooperation in petroleum industry-related grounds. Iranian Minister ...